Comex Commodity Trading Signals and Market News – 23th April 2014

Gold prices rebounded in Asia on Wednesday with China in focus as the HSBC April flash Performance of Manufacturing Index suggested China’s manufacturing sector is on track to record a fifth straight month of contraction, though there was a slight increase from March. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,284.80 a troy ounce up 0.29%, after hitting an overnight session low of $1,277.60 and off a high of $1,292.70.

Silver for May delivery was up 0.48% at US$19.453 a troy ounce, while copper futures for May delivery rose 0.03% at US$3.059 a pound.

Crude oil prices rebounded in Asia on Wednesday after industry data pointed to a mixed stocks picture on U.S. supplies. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $101.93 a barrel, up 0.18%, after hitting an overnight session low of $101.51 a barrel and a high of $103.66 a barrel.

Brent crude on the ICE futures exchange fell 68 cents, or 0.6%, to $109.27 a barrel on Tuesday.

Natural gas prices posted modest gains on Tuesday after updated weather-forecasting models called for below-normal temperatures across portions of the central and eastern U.S. in the coming week. On the New York Mercantile Exchange, natural gas futures for delivery in June traded at $4.738 per million British thermal units during U.S. trading, up 0.49%. The commodity hit session high of $4.760 and a low of $4.696. The June contract settled down 0.82% on Monday to end at $4.715 per million British thermal units.

Base metals jostled for position during Tuesday LME premarket trading, awaiting direction and incentives following its reopening after the four-day Easter holiday. In the metals, copper neared $6,600 per tonne at one stage, holding at $6,615, down $34 on Thursday’s close. Warehouse stocks fell a net 375 tonnes to 241,925 tonnes, the lowest since November 2012.Nickel regained the $18,000 level after last week’s brief correction, touching $18,275, its best since February 2013. It then settled at $18,250, up $325. Warehouse stocks saw a 282-tonne increase to 277,716 tonnes. Aluminium at $1,879 was $14 higher but stocks climbed 4,475 tonnes to 5,320,050 tonnes. Zinc at $2,072 was up $11.50 – inventories fell 3,100 tonnes to 798,400 tonnes, the lowest since the end of March. Lead touched $2,160, the highest since March 5, before holding at $2,156, up $14- inventories were down 1,675 tonnes at 198,725 tonnes. Tin was unchanged at $23,405, with inventories also static at 9,515 tonnes.


WTI-CRUDEOIL-NYMEX has closed @ 101.87. If it breaks the level of 101.48, it can touch the level of 100.98 & 100.26 respectively. If it sustain above the level of 102.26, it can touch the level of 102.76 & 103.55 respectively.
SELL WTI-CRUDEOIL-NYMEX BELOW 101.48 TGTS 100.98, 10.26 SL 102.18.
BUY WTI-CRUDEOIL-NYMEX ABOVE 102.26 TGTS 102.76, 103.55 SL 101.56

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